Group 1 - The core point of the article is that Tianrongxin (002212.SZ) has not yet participated in Oracle cloud order business despite the surge in orders [2] - The company provides network security, intelligent computing cloud, and other products and solutions for various industry clients [2]

（责任编辑：贺翀 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 据中信建投消息，Oracle发布财报显示，其云订单暴涨至4550亿美元，较去年同期翻逾四倍。AI客 户对算力基础设施的需求显著增长，推动Oracle云业务和阿里云收入双双上升。中信建投建议关注算力 基础设施产业链，尤其是国内外AI算力市场的强劲需求。此外，中国移动启动空芯光缆招标，表明国 内互联网公司正加速试用新型光缆技术，以满足AI需求。中美将在西班牙讨论经贸问题，商务部对美 芯片反倾销调查也引发关注。 ...

文︱陆弃 全球首富换人了！没错，那个靠卖数据库发家的甲骨文，现在硬是靠AI云把自己推上了新的神坛。9月 9日财报一出，市场瞬间炸锅：营收虽然只比预期差了1亿美元，但云收入狂飙28%，剩余履约义务 （RPO）直接冲到4550亿美元，环比暴涨三倍。这个数字是啥概念？简单说，就是合同已经签了，只 等时间把钱打进账。资本市场听到这消息，眼睛瞬间亮了：你不是短期虚火，你是真有人掏钱买单。 最抓眼球的还是OpenAI。7月那笔每年300亿美元的数据中心大单，直接把甲骨文推上风口浪尖。想想 看，OpenAI、xAI、Meta，这些顶级AI玩家，居然都在甲骨文的云上跑。再加上与亚马逊、谷歌、微 软都签了互联协议，等于谁家都可以开一扇门用Oracle的云。这叫啥？叫"敌人的敌人也是客户"。结果 就是，第一财季的电话会，CEO萨弗拉·卡兹笑得合不拢嘴："惊叹的季度"。当然了，她有理由。 但问题来了，甲骨文不是一直被笑话"又老又慢"吗？没错，软件收入还在掉，硬件板块撑不起场子，偏 偏云业务突然变成大杀器。为什么？一个字：AI。过去一年大家还在吵"AI是不是泡沫"，甲骨文的RPO 直接给了答案：泡沫个屁，这是实打实的订单。4550亿 ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector experienced a decline of 0.55% in the 24th week of 2025, ranking 18th among major industries in the Yangtze River region. Year-to-date, the sector has increased by 1.32%, also ranking 18th [2][5]. - Oracle's cloud revenue for FY25Q4 reached $6.7 billion, a year-on-year increase of 27%. The IaaS revenue surpassed $10 billion for the first time, growing by 52% [6]. - The launch of the Doubao model 1.6 enhances the capabilities and cost-effectiveness of AI agents, facilitating their large-scale application in complex business scenarios [7]. - The current valuation of the communication sector is at historical lows, presenting a high cost-performance ratio for investors [2]. Summary by Sections Market Performance - In the 24th week of 2025, the communication sector fell by 0.55%, with notable stock performances including Tianfu Communication (+13.8%) and Zhongji Xuchuang (+12.6%). The worst performers included Erli San (-10.1%) and Aofei Data (-8.9%) [5]. Oracle's Cloud Business - Oracle's FY25Q4 revenue was $15.9 billion, an 11% increase year-on-year, with cloud revenue at $6.7 billion, up 27%. IaaS revenue grew to $3 billion, a 52% increase, while SaaS revenue reached $3.7 billion, an 11% increase [6]. AI and Doubao Model - The Doubao model 1.6, launched by ByteDance, supports 256K context and features multi-modal understanding, significantly reducing application costs. The average daily token usage exceeded 16.4 trillion, a 137-fold increase since its initial release [7]. Investment Recommendations - Recommended stocks include China Mobile, China Telecom, and China Unicom in the operator category. For optical modules, Zhongji Xuchuang and Xinyi Sheng are highlighted, while for domestic computing, Fenghuo Communication and Huafeng Technology are recommended [8].